The Sky Sports pundit discussed the north London side's transfer activity after their 1-0 loss to Manchester City.
The former Liverpool defender was reacting to the north London side's White Hart Lane defeat, when Mauricio Pochettino's men dominated against City but fell to a Sergio Aguero strike on the counterattack.
Tottenham's problems, though, are deeper than just their form this season, Carragher says.
Indeed, the Sky Sports pundit feels that they have never really bought a 'top player' in recent times and even the success of Gareth Bale came from buying younger players who had the potential to become greater.
Carragher said: "Do Spurs ever attract the really top players? They don't win that many trophies, they're not normally in the top four.
"We talk about Gareth Bale, that success Tottenham had with Bale and other players was from buying them young at other clubs and some of them going on to become great players.
"They very rarely go out and get somebody you'd think Arsenal, Manchester United or City would want."
The 37-year-old also compared Spurs' problems in the transfer market to that of his old club, who blew a fortune after selling Luis Suarez but have little proven talent to show for it.
Carragher added: "It's a little bit like Liverpool on the back of the Suarez money. Liverpool and Spurs don't have the wages or the transfer fees that the other sides at the top do."
It's all well and good singling out the problem, of course, but how can Tottenham find a solution?
There is a catch-22 situation in that the north London side need success for signings and signings for success. When Spurs did spend big in the summer of 2013, for instance, most of their recruitments backfired...